Indian Pharmaceutical Monthly Update July 2022.pdf

Indian Pharmaceutical Industry
Monthly Update
July 2022
Strictly Private and Confidential

2
Contents
1. Activity in Pharmaceutical Segment
2. Capital Market Performance – Pharmaceutical Industry
3. Edelweiss Credentials

3
Indian Pharmaceutical Sector News (1/2)
Source: Edelweiss Research, Press Releases
 Zydus Lifesciences has received USFDA approval for the following products:
o Empagliflozin and Metformin Hydrochloride Tablets in the strengths of 5 mg/500 mg, 5 mg/1000 mg, 12.5 mg/500
mg, and 12.5 mg/1000 mg
o Efinaconazole Topical Solution, 10%, used for the topical treatment of Onychomycosis of the toenails
o Norepinephrine Bitartrate Injection USP,4 mg/4 mL (1 mg/mL) Single-Dose Vial
o Bisoprolol Fumarate Tablets USP 5 mg and 10 mg, which are used to treat high blood pressure
 Aurobindo Pharma’s wholly-owned subsidiary, Eugia Pharma, has received USFDA approval to manufacture and market
Triamcinolone Acetonide Injectable Suspension 200 mg/5 mL & 400 mg/10 mL, to be bioequivalent and therapeutically
equivalent to the RLD, Kenalog-40 Injectable Suspension
 Lupin has received USFDA approval to market Azilsartan Medoxomil Tablets, 40 mg and 80 mg, generic equivalent of
Edarbi® Tablets
 Alembic Pharmaceuticals wholly-owned subsidiary, Aleor Dermaceuticals, has received USFDA approval for Diclofenac
Sodium Topical Gel, 3%, which is therapeutically equivalent to the RLD Solaraze Topical Gel, 3%
 Natco has received USFDA approval to market Cabazitaxel Intravenous Powder, 60mg/1.5mL (40mg/mL) strength, generic
equivalent for Jevtana Kit®
 Glenmark Pharmaceuticals has received USFDA approval to market Norethindrone Acetate and Ethinyl Estradiol Capsules
and Ferrous Fumarate Capsules, 1 mg/20 mcg, the generic version of Taytulla®1 Capsules
 Marksans Pharma has received USFDA approval for Pregabalin Capsules, 25 mg, 50 mg, 75 mg, 100 mg, 150 mg, 200 mg,
225 mg, and 300 mg, which is bioequivalent and therapeutically equivalent to the RLD Lyrica Capsules
USFDA
APPROVALS

4
Indian Pharmaceutical Sector News (2/2)
Source: Edelweiss Research, Press Releases
 Dr. Reddy’s Laboratories has launched the following products:
o Bortezomib for injection, 3.5 mg single-dose vial in the US market
o Fesoterodine Fumarate Extended-Release Tablets, a therapeutic generic equivalent to Toviaz® (fesoterodine
fumarate) Extended-Release Tablets in the US
o OTC Fexofenadine HCl 180 mg and Pseudoephedrine HCl 240 mg Extended Release Tablets, USP, the store-brand
equivalent of Allegra-D® 24 HR in the US
 Zydus Lifesciences has launched the molecule Sitagliptin in India under the brand names Sitaglyn® and Siglyn®, which is
used to treat Type 2 Diabetes
 Glenmark Pharmaceuticals has launched 8 different combinations of sitagliptin based drugs under the brand name
SITAZIT® and its variants
PRODUCT
LAUNCHES
 Dr. Reddy’s Laboratories has entered into a licensing agreement with Slayback Pharma for the exclusive rights for private
label version of Lumify in the US
OTHER
ANNOUNCEMENTS

5
Contents
2. Capital Market Performance – Pharmaceutical Industry

6
93%
85% 81% 86%
26%
100%
78%
60%
71%
43%
90%
60%
93%
67% 67%
89%
100%
5%
12% 12%
14%
36%
16%
20%
25%
36%
10%
35%
7%
11%
33%
11%
2% 3% 7%
38%
6%
20%
4%
21%
5%
22%
Buy Hold Sell
33 43 42
43 42 8 32 20 24 14 10 20 15 18 24
58%
73% 75%
88%
75% 75%
67%
50% 50%
100%
17%
8%
13%
50%
25% 20% 17%
25%
33%
50%
Buy Hold Sell
82% 75%
56%
83%
13%
22%
17%
18% 13%
22%
Buy Hold Sell
Updated Pharma Analysts’ Views On Indian Pharma Companies
Source: Bloomberg as of July 27, 2022
Indian Formulation Companies
Indian Entities of Global Pharma Companies API/CRAMS Companies
Total number of analysts covering the stock
12 8 4 4
24 3 2 2
9 2
11 8 9 6 15 4
25%

7
Listed Players – Indian Formulation Companies
Source: Bloomberg (July 27, 2022)
n.m. – Not Meaningful; n.a. – Not Available
EV is calculated based on net debt value of the latest fiscal ending
Company Name
Price M Cap EV EV/Revenue EV/EBITDA P/E
(INR) (USD mn) (USD mn) Mar 22 Mar 23 Mar 24 Mar 22 Mar 23 Mar 24 Mar 22 Mar 23 Mar 24
Sun Pharmaceutical Industries Ltd 943 28,548 27,499 5.7x 5.1x 4.6x 21.3x 19.1x 16.3x 66.8x 27.7x 23.6x
Cipla Ltd/India 977 9,950 9,598 3.5x 3.2x 2.9x 16.7x 14.8x 12.4x 31.0x 25.5x 20.9x
Dr Reddy's Laboratories Ltd 4,090 8,589 8,456 3.1x 2.9x 2.6x 16.2x 12.9x 10.9x 28.9x 20.5x 17.7x
Torrent Pharmaceuticals Ltd 1,529 6,527 6,971 6.6x 5.9x 5.2x 22.7x 19.6x 16.9x 66.6x 35.8x 28.8x
Gland Pharma Ltd 2,261 4,696 4,286 7.7x 7.4x 6.1x 22.5x 22.2x 17.6x 30.7x 30.1x 23.9x
Biocon Ltd 307 4,653 5,079 5.0x 3.7x 2.7x 20.4x 15.3x 10.1x 47.8x 34.7x 21.7x
Zydus Lifesciences Ltd 347 4,428 4,784 2.6x 2.3x 2.1x 11.8x 11.2x 9.9x 14.8x 17.1x 14.8x
Alkem Laboratories Ltd 3,225 4,865 4,885 3.7x 3.3x 3.0x 18.8x 17.7x 15.0x 22.9x 22.6x 19.0x
Aurobindo Pharma Ltd 547 4,043 3,826 1.3x 1.2x 1.1x 6.9x 6.3x 5.5x 12.1x 11.0x 9.6x
Lupin Ltd 644 3,694 3,985 2.0x 1.8x 1.6x n.m. 12.3x 9.7x n.m. 25.2x 18.0x
Ipca Laboratories Ltd 1,000 3,201 3,141 4.3x 3.9x 3.4x 19.0x 16.9x 14.1x 28.5x 26.2x 21.5x
Ajanta Pharma Ltd 1,279 2,067 2,028 4.9x 4.3x 3.8x 17.3x 15.9x 13.7x 23.0x 22.3x 19.2x
Alembic Pharmaceuticals Ltd 702 1,741 1,822 2.7x 2.5x 2.3x 16.5x 12.9x 10.8x 26.5x 19.5x 16.0x
JB Chemicals & Pharmaceuticals Ltd 1,770 1,726 1,726 5.6x 4.7x 4.1x 25.2x 19.5x 16.3x 35.4x 30.0x 24.2x
Natco Pharma Ltd 682 1,571 1,572 6.4x 4.2x 3.2x 47.3x 10.0x 6.7x 73.3x 15.6x 10.0x
Glenmark Pharmaceuticals Ltd 381 1,356 1,722 1.1x 1.1x 1.0x 5.9x 5.9x 5.3x 10.8x 9.9x 8.8x
Eris Lifesciences Ltd 678 1,164 1,155 6.9x 5.3x 4.6x 18.9x 16.0x 13.5x 22.7x 21.1x 17.7x
Caplin Point Laboratories Ltd 778 744 683 4.3x 3.8x 3.3x 13.7x 12.2x 10.6x 19.1x 17.7x 15.4x
FDC Ltd/India 254 531 467 2.4x 2.0x 1.7x 14.6x 8.1x 6.8x 19.5x 10.9x 9.3x
Indoco Remedies Ltd 385 448 478 2.5x 2.1x 1.9x 11.6x 10.6x 9.4x 22.9x 18.0x 14.7x
Strides Pharma Science Ltd 331 376 737 1.9x 1.5x 1.3x n.m. 12.6x 8.8x n.m. 35.4x 11.1x
Marksans Pharma Ltd 49 252 224 1.2x 1.1x 1.0x 6.9x 5.2x 4.4x 10.7x 7.9x 6.6x
Average 3.9x 3.3x 2.9x 17.7x 13.5x 11.1x 30.7x 22.0x 16.9x
Median 3.6x 3.3x 2.8x 17.0x 12.9x 10.7x 24.7x 21.7x 17.7x
TRADING COMPARABLES

8
Listed Players – Indian Formulation Companies
Company Name
Revenue (INR mn) Revenue Growth (YoY) EBITDA Margin PAT Margin RoCE RoE
Mar 22 Mar 23 Mar 24 Mar 22 Mar 23 Mar 24 Mar 22 Mar 23 Mar 24 Mar 22 Mar 23 Mar 24 Mar 22 Mar 22
Sun Pharmaceutical Industries Ltd 3,84,264 4,28,294 4,73,700 16.0% 11.5% 10.6% 26.7% 26.6% 28.2% 8.8% 19.1% 20.2% 19.4% 6.7%
Cipla Ltd/India 2,16,234 2,35,640 2,62,438 13.9% 9.0% 11.4% 21.1% 21.8% 23.3% 11.8% 13.1% 14.4% 20.0% 12.8%
Dr Reddy's Laboratories Ltd 2,14,391 2,31,533 2,54,972 13.0% 8.0% 10.1% 19.3% 22.4% 24.1% 11.0% 14.3% 15.0% 16.8% 12.9%
Torrent Pharmaceuticals Ltd 84,188 94,292 1,05,494 6.8% 12.0% 11.9% 28.9% 29.9% 31.0% 9.2% 15.3% 17.0% 18.1% 13.2%
Gland Pharma Ltd 44,007 45,652 55,763 27.1% 3.7% 22.1% 34.3% 33.5% 34.6% 27.5% 27.1% 28.0% 41.1% 18.6%
Biocon Ltd 80,248 1,07,545 1,50,026 14.5% 34.0% 39.5% 24.6% 24.4% 26.7% 9.6% 9.9% 11.3% 10.8% 8.6%
Zydus Lifesciences Ltd 1,48,276 1,61,535 1,76,858 5.0% 8.9% 9.5% 21.6% 21.0% 21.7% 16.0% 12.7% 13.4% 12.9% 14.0%
Alkem Laboratories Ltd 1,05,120 1,16,945 1,30,046 20.4% 11.2% 11.2% 19.5% 18.8% 19.8% 16.0% 14.6% 15.6% 21.9% 20.5%
Aurobindo Pharma Ltd 2,33,666 2,51,050 2,71,967 (4.9%) 7.4% 8.3% 18.8% 19.3% 20.2% 11.3% 11.6% 12.3% 14.6% 11.4%
Lupin Ltd 1,61,928 1,75,051 1,92,575 8.5% 8.1% 10.0% 1.4% 14.7% 16.9% (9.3%) 6.6% 8.5% (9.6%) n.m.
Ipca Laboratories Ltd 57,665 64,569 73,244 7.5% 12.0% 13.4% 22.7% 22.9% 24.1% 15.4% 15.0% 16.1% 23.3% 17.3%
Ajanta Pharma Ltd 32,841 37,666 42,184 15.4% 14.7% 12.0% 28.3% 26.9% 27.8% 21.7% 19.5% 20.2% 28.7% 22.8%
Alembic Pharmaceuticals Ltd 53,058 57,239 64,028 (1.5%) 7.9% 11.9% 16.5% 19.5% 21.0% 9.8% 12.3% 13.4% 10.7% 10.1%
JB Chemicals & Pharmaceuticals Ltd 24,242 29,323 33,077 21.1% 21.0% 12.8% 22.4% 23.9% 25.4% 15.9% 15.5% 17.1% 28.6% 19.5%
Natco Pharma Ltd 19,448 29,412 38,617 (5.2%) 51.2% 31.3% 13.5% 42.5% 48.1% 8.7% 27.2% 32.1% 2.9% 4.1%
Glenmark Pharmaceuticals Ltd 1,21,742 1,28,078 1,39,825 12.7% 5.2% 9.2% 19.1% 18.2% 18.5% 8.2% 8.5% 8.8% 16.0% 12.0%
Eris Lifesciences Ltd 13,262 17,266 19,925 11.2% 30.2% 15.4% 36.6% 33.2% 34.0% 30.6% 25.3% 26.2% 25.2% 23.3%
Caplin Point Laboratories Ltd 12,694 14,412 16,609 21.1% 13.5% 15.2% 31.1% 30.7% 30.7% 24.3% 23.1% 23.0% 39.7% 22.7%
FDC Ltd/India 15,279 18,661 21,797 15.5% 22.1% 16.8% 16.6% 24.4% 25.1% 14.1% 20.7% 20.8% 16.4% 11.7%
Indoco Remedies Ltd 15,037 17,767 19,822 23.4% 18.1% 11.6% 21.8% 20.1% 20.4% 10.3% 11.1% 12.2% 22.9% 18.5%
Strides Pharma Science Ltd 30,703 39,015 44,955 (7.4%) 27.1% 15.2% (0.3%) 11.9% 14.8% (15.4%) 2.2% 5.9% n.m. n.m.
Marksans Pharma Ltd 14,908 16,180 18,610 8.3% 8.5% 15.0% 17.4% 21.0% 21.7% 12.5% 15.6% 16.2% 25.0% 17.6%
Average 11.0% 15.7% 14.7% 21.0% 24.0% 25.4% 12.2% 15.5% 16.7% 19.3% 14.9%
Median 12.8% 11.7% 11.9% 21.3% 22.6% 24.1% 11.6% 14.8% 15.8% 19.4% 13.6%
OPERATING COMPARABLES

9
Listed Players – Indian Entities of Global Pharma Companies
Company Name
Abbott India Ltd 20,015 5,365 5,038 8.1x 7.2x 6.4x 36.7x 33.1x 29.0x 53.2x 47.4x 41.5x
GlaxoSmithKline Pharmaceuticals Ltd 1,406 3,005 2,648 6.4x 5.9x 5.3x 27.6x 24.9x 22.0x 62.6x 36.9x 32.4x
Pfizer Ltd 4,184 2,415 2,236 6.8x 6.3x 5.8x 21.2x 19.9x 17.9x 31.2x 30.3x 26.8x
Sanofi India Ltd 6,335 1,841 1,648 4.4x 4.4x n.a. 17.3x 17.4x n.a. 17.2x 25.6x n.a.
Company Name
Abbott India Ltd 49,103 55,427 62,786 14.0% 12.9% 13.3% 22.2% 21.8% 21.9% 16.3% 16.2% 16.3% 359.8% 29.5%
GlaxoSmithKline Pharmaceuticals Ltd 32,768 35,685 39,485 12.4% 8.9% 10.6% 23.3% 23.6% 24.1% 11.6% 18.1% 18.6% n.m. 18.4%
Pfizer Ltd 26,110 27,913 30,597 16.6% 6.9% 9.6% 32.0% 31.9% 32.4% 23.5% 22.6% 23.4% 46.2% 23.3%
Sanofi India Ltd 28,913 31,543 n.a. 1.7% 0.6% n.a. 25.7% 25.4% n.a. 28.8% 19.3% n.a. 80.9% 25.6%
Average 11.2% 7.3% 11.2% 25.8% 25.7% 26.1% 20.0% 19.1% 19.4% 162.3% 24.2%
Median 13.2% 7.9% 10.6% 24.5% 24.5% 24.1% 19.9% 18.7% 18.6% 80.9% 24.4%
TRADING COMPARABLES

10
Listed Players – API/CRAMS Companies
TRADING COMPARABLES
Notes: Above mentioned companies have presence across segments (Formulations, API, CRAM/ CDMO), they have been included in the formulations/ API category basis their largest revenue driver
Company Name
Divi's Laboratories Ltd 87,992 90,462 1,01,935 28.3% 2.8% 12.7% 44.1% 41.0% 41.5% 33.6% 29.7% 30.0% 44.5% 28.2%
Laurus Labs Ltd 48,885 63,256 71,522 3.5% 29.4% 13.1% 28.7% 31.7% 32.1% 17.0% 17.6% 18.0% 25.3% 27.9%
Syngene International Ltd 26,042 30,713 37,179 19.2% 17.9% 21.1% 28.5% 29.6% 31.1% 15.2% 15.4% 17.3% 15.2% 12.9%
Jubilant Ingrevia Ltd 49,144 53,238 60,943 618.3% 8.3% 14.5% 16.9% 16.6% 16.9% 9.7% 9.9% 10.5% 28.9% 21.9%
Granules India Ltd 37,649 42,994 49,099 16.3% 14.2% 14.2% 19.2% 19.7% 20.9% 11.0% 11.1% 12.4% 19.0% 17.3%
Glenmark Life Sciences Ltd 21,232 24,086 27,742 12.6% 13.4% 15.2% 29.0% 28.6% 29.0% 19.7% 19.9% 20.3% 53.0% 29.8%
Hikal Ltd 19,427 21,226 24,815 13.8% 9.3% 16.9% 17.5% 16.2% 17.8% 8.3% 6.7% 9.2% 15.4% 16.0%
Aarti Drugs Ltd 24,886 28,591 33,280 15.5% 14.9% 16.4% 13.2% 13.6% 15.0% 8.2% 8.3% 9.4% 19.9% 21.0%
Shilpa Medicare Ltd 11,455 12,727 14,088 27.1% 11.1% 10.7% 17.8% 0.1% 0.1% 5.3% 0.2% 0.2% 5.3% 3.7%
IOL Chemicals and Pharmaceuticals Ltd 21,840 24,466 26,321 11.0% 12.0% 7.6% 11.7% 14.0% 15.0% 7.6% 9.3% 9.9% 19.4% 12.5%
Dishman Carbogen Amcis Ltd 21,407 23,986 27,556 12.0% 12.0% 14.9% 15.5% 20.5% 21.3% 0.8% 4.6% 6.0% 0.3% 0.3%
Solara Active Pharma Sciences Ltd 12,683 15,796 17,555 (21.6%) 24.5% 11.1% 6.3% 12.8% 16.9% (4.6%) 1.7% 6.3% n.m. n.m.
Neuland Laboratories Ltd 9,511 10,829 12,649 1.5% 13.9% 16.8% 15.0% 15.8% 16.6% 6.7% 7.6% 8.5% 9.5% 7.8%
Average 58.3% 14.1% 14.2% 20.3% 20.0% 21.1% 10.7% 10.9% 12.1% 21.3% 16.6%
Median 13.8% 13.4% 14.5% 17.5% 16.6% 17.8% 8.3% 9.3% 9.9% 19.2% 16.7%
Company Name
Divi's Laboratories Ltd 3,832 12,832 12,477 11.2x 10.9x 9.7x 25.5x 26.7x 23.4x 34.4x 37.9x 33.3x
Laurus Labs Ltd 523 3,543 3,759 6.1x 4.7x 4.2x 21.2x 14.9x 13.0x 33.8x 25.2x 21.8x
Syngene International Ltd 568 2,872 2,839 8.6x 7.3x 6.1x 30.4x 24.7x 19.5x 57.5x 48.2x 35.4x
Jubilant Ingrevia Ltd 530 1,065 1,089 1.8x 1.6x 1.4x 10.4x 9.8x 8.4x 17.7x 16.0x 13.2x
Granules India Ltd 300 939 1,027 2.2x 1.9x 1.7x 11.3x 9.6x 7.9x 18.0x 15.6x 12.2x
Glenmark Life Sciences Ltd 464 717 653 2.4x 2.1x 1.9x 8.4x 7.5x 6.4x 13.6x 11.8x 10.1x
Hikal Ltd 252 391 469 1.9x 1.8x 1.5x 10.9x 10.8x 8.4x 19.3x 21.9x 13.7x
Aarti Drugs Ltd 419 489 555 1.8x 1.5x 1.3x 13.4x 11.3x 8.8x 18.9x 16.3x 12.4x
Shilpa Medicare Ltd 412 451 531 3.7x 3.3x 3.0x 20.7x n.m. n.m. 59.0x n.m. n.m.
IOL Chemicals and Pharmaceuticals Ltd 357 264 252 0.9x 0.8x 0.8x 7.8x 5.8x 5.1x 12.7x 9.2x 8.0x
Dishman Carbogen Amcis Ltd 127 250 423 1.6x 1.4x 1.2x 10.1x 6.8x 5.7x n.m. 18.1x 12.1x
Solara Active Pharma Sciences Ltd 383 174 297 1.9x 1.5x 1.3x 29.3x 11.6x 7.9x n.m. 52.6x 12.4x
Neuland Laboratories Ltd 1,301 211 238 2.0x 1.7x 1.5x 13.2x 11.0x 9.0x 26.2x 20.3x 15.5x

11
Contents
2. Performance – Pharmaceutical Industry

12
About Us – Edelweiss Group
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13
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SELECT MARQUEE TRANSACTIONS
Above is a select list of deals
IPO
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Left Lead BRLM
February 2021
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BRLM
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BRLM
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BRLM
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BRLM
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BRLM
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14
SELECT TRANSACTIONS
Natco Pharma
Qualified Institutions Placement
BRLM
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Shalby Limited
Initial Public Offering
Global Coordinator and BRLM
(Left Lead)
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Alkem Laboratories
Global Coordinator and BRLM
INR 1,348 crs
HealthCare Global Enterprises
BRLM
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Alkem Laboratories
Block Placement
Sole Broker
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Laurus Labs
Block Placement
Sole Broker
~INR 300 crs
BRLM - Ongoing
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BRLM
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Rich Transaction Experience in the Healthcare Space
BRLM - Ongoing
Undisclosed
BRLM
INR 1,895 crs
BRLM
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Seller Broker
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BRLM
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De-merger of Alembic Pharma
Undisclosed
Leading Healthcare Services
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BRLM - Ongoing
Undisclosed

15
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Satyen Shah (20+ yrs)
MD & Head – Advisory
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Subodh Gupta (20+ yrs)
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VP - Healthcare
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